American Millennials feel pressured to splurge MORE on Valentine’s Day 2024 than last year, but in reality they’ll be spending LESS

New survey from Trustpilot reveals Valentine’s Day 2024 is no longer attainable, highlighting today’s spending expectations and the lengths some consumers will go to afford it

January 11, 2024, NEW YORK – This year the cost of love is as high as ever, as revealed by a new study released today from online review platform, Trustpilot, exploring how Americans in relationships are feeling ahead of Valentine’s Day 2024. Spoiler alert, it’s not all romance and roses. Data shows respondents, in particular Millennials (33 percent) and Gen Z (21 percent) in relationships, feel more pressure to spend this year than in 2023, but that doesn't mean they’ll be able to. 

Overall, while the data shows there’s more pressure than ever to spend heavily on Valentine’s Day, the rising cost of living could contribute to and greatly impact purchasing decisions this year, as 33 percent of Americans in relationships reported they expect inflation and the rising cost of goods mean they will actually be spending significantly less this year – around 50 percent less – than last year. Last year, that number was 28 percent, according to Trustpilot’s 2023 survey, showing an upward trend in wanting to spend less on the holiday year-over-year.  

Young love is not cheap 

This year, 30 percent of Americans in relationships are not celebrating Valentine’s Day with their partner/significant other because it’s too expensive, but for young Americans who are, it may come at a price. 

A quarter (26%) of Gen Z and one quarter (26%) of Millennials in relationships say they will likely have to sacrifice cost-of-living needs (gas, food, rent, etc.) to afford Valentine's Day this year. 25 percent of Millennials in relationships would even consider going into credit card debt to afford gifts and experiences for the holiday.

Expectations are through the roof

The feeling of needing to spend could be because expectations are so high. Americans in relationships feel their partner/significant other expects them to spend on average $157.52 on gifts for them for Valentine’s Day, a high price tag for the 21 percent of Americans in relationships who feel obligated to spend more on the holiday than they can afford and the 19 percent who feel their partner/significant other actually expects them to spend more than they can afford.

Conversely, when respondents were asked what they would do if their partner/significant other didn’t spend what they expected them to for Valentine’s Day this year, they would:

• Buy something for themselves instead (21 percent)

• Insist the partner/significant other make up for it another time (17 percent)

• Give their partner/significant other the silent treatment (16 percent)

• Cancel Valentine’s Day plans all together (10 percent)

• Break up with the partner/significant other (10 percent)

“Our findings last year were eye-opening, as consumers told us they were cutting down on spending on Valentine’s Day because of the cost of living crisis, and this year is no different, possibly worse,” says Alicia Skubick, Chief Customer Officer at Trustpilot. “As people are feeling under more pressure than ever before to splash out on loved ones, one way to relieve that stress is to consult online reviews. They allow consumers to make more informed decisions that will hopefully make their Valentine’s Day the best it can be this year, regardless of budget. Each month millions of people reveal how they’re feeling by writing reviews on Trustpilot, and businesses should use this knowledge to deliver to their customers not only what they need, but also what they want in tough economic times.”

To find inspiration for how to celebrate Valentine’s Day on any budget, visit Trustpilot’s blog.

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Methodology

All figures, unless otherwise stated, are from Censuswide. Total sample size was 1,013 U.S. adults in a relationship. Fieldwork was undertaken between December 14-18, 2023. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults age 18+. 

About Trustpilot

Trustpilot was founded in 2007 with a vision to create an independent currency of trust.

A digital platform that brings businesses and consumers together to foster trust and inspire collaboration. We are free to use, open to everybody and built on transparency.

Trustpilot hosts reviews to help consumers shop with confidence and deliver rich insights to help businesses improve the experience they offer. The more consumers use our platform and share their own opinions, the richer the insights we offer businesses, and the more opportunities they have to earn the trust of consumers, from all around the world.

Over 144 million consumer reviews of businesses and products of over 626,000 domains have been posted on Trustpilot, and those numbers are growing by more than one review per second.  

Trustpilot has over 840 employees and is headquartered in Copenhagen, with operations in London, Edinburgh, New York, Denver, Melbourne, Berlin, Vilnius, Milan and Amsterdam. 

For more information, please visit trustpilot.com.  

Media Contact: 

Diffusion PR for Trustpilot

trustpilot@diffusionpr.com